The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1887-06-03
THE NEW REVENUE BILL.
SOME OF THE IMPORTANT PROVISIONS OF
THE MEASURE.

both Houses of the state legislature
makes many important changes in the
revenue laws of the state. Below will
be found synopsis Of the taxing and
administrative clauses:
Section l provides that from and
after the passage OF the act all pro-
perty of the classes afterward enumer.
ated held or possessed by any person,
copartnership, unincorporated associa-
ton, limited partnership, bank or cor
poration liable to taxation within the
commonwealth, shall pay annually for
state purposes tax of three mills on
each dollar of the actual value thereof,
whether the property be owned by
such persons or corporations in their
own right or as trustee or agent for
any other corporation. The classes
OF property enumerated are all
mortgages, all moneys owing
by solvent debtors, whether by prom
issory note or penal or single bill,
bond or Judgment, except bonds ac-
companying mortgages; all articles OF
agreement and accounts bearing inter
est except mercantile book accounts;
money deposited ir any savings bank
or savings fm d, and money deposited
IN b .nks or corporations which can be
wit drawn by check without notice;
all public or municipal loans whatso-
ever, except those issued by this COM
monwealth or the United States; all
loans issued by or shares of stock in
any bank, corporation, ASSOCIATION,
company or limited partnership Great
ed or formed under the laws of this
commonwealth or of the United States,
or OF any other state or government,
including car trust securities and loans
secured by bonds CT any other form Of
certificate or evidence of Indebtedness,
except shares of stock in any corpor.
alton or limited partnership liable to
the corporation tax imposed by the
twenty fourth section or exempt from
taxation under the thirty-fourth sec
tion of this act; all moneys loaned OF
invested in other states, territories, the
District of Columbia, or foreign coun
tries, and all other moneyed capital in
the hands of the individual citizens oi
the state; all annuities over 5000, ex.
cept those granted by this common
wealth or by .he United States, paid
from fund which is not subject to
said tax of mills; and all stages
omnibuses, hacks, cabs and other We
hicles used for transporting passengers
for hire, not owned by corporations
paying the tax imposed by the twenty
fourth section. The section is not in
tended to apply to shares of stock il
national banks in the hands of the
owners thereof, or to bank notes OF
notes discounted or negotiated by any
banking or savings institution or trust
company; nor are the provisions of the
act to apply to building and loan asso
Citations.
FURNITURE, WATCHES, ETC, EXEMPT.
The following classes of persona
property are exempt from taxation
All household furniture, including golC
and silver plate, owned by individual'
or corporations; all pleasure carriages
and all watches, owned and kept fol
use, any former act imposing such ia,
being hereby repealed.
Section provides that one half Of
the net amount of the tax imposed by
the first section of the act, which shal
be collected by the officers of each
county and city co-extensive with 6
county, shall be refunded by the state
treasurer to each county or city for ex
pense incurred in the assessment and
collection of such tax.
Section enacts that the treasurer
of every city, county and borough in
the common wealth, and the treasurer
of every institution paying interest up
on any loans which are made taxable
by the first section, shall make report
in writing, under oath, annually in the
month of November to the auditor gen
eral OF the amount of such loans, the
name and residence of the owners and
holders within the commonwealth, and
the par value of such loans. The
auditor general shall assess the same
for taxation at the rate of 8 mills upon
each dollar of the par value; aud the
same must be paid into the state treas
ury within thirty days, less commls
sions allowed by law to county treas
urers for similar services. Neglect to
make such report will impose on the
offender fine of $1,000; and if a re
port is not furnished the auditor gen
eral, in making up valuation of such
loans, shall add thereto 50 per cent
before assessing the tax.
Section provides that in case any
bank or savings institution shall elec
to annually collect from the sharehold
ers tax of six-tenths of ! per centun
upon the par value of all the shares o.
said bank, and pay the same into tn,
state treasury on or before the frs
day in March in each year, then til,
shares and so much of the capital ano
profits of such bank as shall not be in
vested in real estate shall be exemp
from all other taxation. 1t also pro
vides for reports to the auditor genera
by the officers of banks and saving
institutions upon which to base assess
meats, with penalties for failure Il
make reports.
Section provides for the furnishing
of assessors with blanks upon whicl
to make returns, copies to be given t.
taxable persons and corporations
Sections 6, 7 and enact that return
must be made upon oath, to be admin
istered by the assessors without charge
Section 9 provides that if any assess
or or taxable person or corporation
shall make any agreement to return
less amount OF taxable property thar
should be returned, the persons max
ing such agreement shall be guilty o
conspiracy, and upon conviction b.
sentenced to ths same fine and i'm
prisonment which is now provided b,
law for that offense.
LENDERS MUST PAY THE TAX.
Section 10 provides that it shall b.
unlawful for any person or corporation
loaning money at interest on bond
mortgage or otherwise to require tn
borrower to pay the tax imposed b,
section l, and any contract for repay
ment of the money loaned in violation
of this provision shall he held void il
on., oou,t of lox.x - oo,,..xx